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26 June, 2018 00:35 IST
Sell USD/INR May futures in 64.55-64.65 range: ICICIdirect
Source: IRIS | 08 May, 2017, 09.09AM
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ICICIdirect expects the USD to meet supply pressure at higher levels. ''Utilise upsides in the pair to go short on the USDINR pair. May futures in the range of 64.55-64.65 with target 64.30-64.10.''

The rupee posted the biggest-single day drop in nearly four weeks against the dollar, as a slump in crude oil prices hurt investors' appetite for risk assets. However, losses in the rupee would be limited due to a weak USD and favourable domestic factors.

Risk-on sentiment got a boost post a clear victory for pro-Euro French presidential candidate Macron in the second round of elections. As such, the Euro tested one-year highs while the USD is trading lower post the US presidential win. We expect the Euro to post sharp gains over the Japanese Yen due to waning risk aversion.

In the currency futures market, the most traded dollar-rupee May contract on the NSE ended at 64.54. The May contract open interest declined 2.08% from the previous day. June contract open interest increased 3.77% in the last session.

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